China Insurance Report Q3 2012

Published : May 2012
No. of Pages : 90

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The China Insurance Report considers the prospects for both life and non-life insurers in that country.
In spite of the slowing in the growth rate of premiums, it appears that China’s life insurers should continue to be major beneficiaries of the growth in organised savings in the country. Encouragingly, the three factors which curtailed growth in 2011 – the volatility of financial markets in general (and A shares in particular), lingering inflation and regulatory changes imposed by the China Banking Regulatory Commission (CBRC) which hindered bancassurance – have clearly diminished in importance since the beginning of this year. The major life companies are, in most cases, looking to increase the size, number and productivity of channels that do not depend on collaboration with banks. The recovery in A share markets may make it easier for insurers that need new capital to undertake large scale raisings.
Given the importance of auto insurance, it remains a reasonable proposition that some property and casualty insurers are suffering from a compression in prices and margins in particular markets. However, the general slowing of the economy, and – in particular – the cooling of the residential real estate markets thanks to official measures to curb speculation, also appear to be having an impact. Figures published by the China Insurance Regulatory Commission (CIRC) and the major companies suggest, though, that the sector continues to grow at double digit rates overall. The results published by the major non-life companies in relation to Q112 indicate that many are having great success with telemarketing and/or by cross-selling property and casualty products to existing life insurance clients. This is a classic example of how non-life insurance penetration can be increased through innovative sales and marketing by leading companies.
Over the last quarter, BMI has made the following changes: 􀂃 The report incorporates the latest results published by the main insurance companies. These details were typically released in March 2012 and May 2012 in relation to calendar 2011 and Q112 respectively.
􀂃 The analysis incorporates BMI’s latest forecasts for China’s economy, including details in relation to auto sales and trends in the healthcare sector.
􀂃 The analysis notes the lingering effect of the changes to the rules governing bancassurance.

Executive Summary . 5
Table: Total Premiums, 2009-2016 5
Key Insights And Key Risks . 5
SWOT Analysis 7
China Insurance Industry SWOT ... 7
China Political SWOT 8
China Economic SWOT . 9
China Business Environment SWOT 10
Life Sector .. 11
Asia Pacific Life Sector Overview . 11
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn). 11
China Life Sector Update .. 16
Life Industry Forecast Scenario 18
Table: Life Premiums, 2009-2016 19
Growth Drivers And Risk Management Projections . 19
Population ... 19
Table: Insurance Key Drivers, Demographics, 2008-2016 .. 20
Non-Life Sector .. 21
Asia Pacific Non-Life Sector Overview . 21
Table: Asia Pacific Non-Life Premiums, 2008-2016 21
China Non-Life Sector Update .. 23
Non-Life Industry Forecast Scenario 24
Table: Non-Life Premiums, 2009-2016 25
Growth Drivers And Risk Management Projections . 25
Macroeconomic Outlook .. 25
Table: China Economic Activity, 2011-2016 ... 29
Political Stability Outlook 29
Table: Asia Pacific Regional Security Ratings . 33
Healthcare ... 33
Epidemiology ... 35
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016.. 36
Motor ... 38
Insurance Risk/Reward Ratings ... 40
Table: China’s Insurance Risk/Reward Ratings ... 40
Table: Asia Pacific Insurance Risk/Reward Ratings 41
Competitive Landscape 43
Competitive Landscape Analysis ... 43
Major Players In China’s Insurance Sector . 46
Company Profiles .. 49
Local Company Profiles 49
China Life Insurance Company 49
China Pacific Insurance Company... 50
New China Life Insurance 51
PICC Property And Casualty Company ... 52
Ping An 53
Taikang Life Insurance 54
Regional Company Profiles .. 55
Ageas ... 55
AEGON 57
AIA Group Limited ... 58
Allianz .. 60
Aviva 62
AXA .. 63
BNP Paribas Cardif . 65
Chartis . 66
HSBC Insurance .. 68
Liberty Mutual . 70
Manulife ... 71
MetLife ALICO 72
Prudential Financial 75
Prudential plc .. 77
QBE . 79
RSA .. 81
Sun Life Financial 82
The Principal Financial Group 83
Zurich Financial Services 84
BMI Methodology ... 86
Insurance Risk/Reward Ratings 87
Table: Insurance Risk/Reward Indicators And Rationale 88
Table: Weighting Of Indicators 89Table: Total Premiums, 2009-2016. 5

Table: Asia Pacific Life Premiums, 2008-2016 (US$mn). 11

Table: Life Premiums, 2009-2016 . 19

Table: Insurance Key Drivers, Demographics, 2008-2016 . 20

Table: Asia Pacific Non-Life Premiums, 2008-2016 . 21

Table: Non-Life Premiums, 2009-2016 . 25

Table: China Economic Activity, 2011-2016 . 29

Table: Asia Pacific Regional Security Ratings . 33

Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016. 36

Table: China's Insurance Risk/Reward Ratings . 40

Table: Asia Pacific Insurance Risk/Reward Ratings . 41

Chartis . 66

Table: Insurance Risk/Reward Indicators And Rationale . 88

Table: Weighting Of Indicators. 89"

China Insurance Report Q3 2012

Published By: Business Monitor International

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